During the week, the cryptocurrency market displayed mixed cues as the BTC price struggled to cross the $60k hurdle. While the majority of altcoins faced bearish pressure, popular altcoins Celestia (TIA), dYdX (DYDX), and Ordinals (ORDI) have emerged as the top crypto losers of this week.
Top Crypto Losers: A Detailed Analysis
TIA has showcased the sellers’ dominance and remained on the top of the losers index. Also, DYDX and ORDI conveyed signs of the selloff and continued to underperform the market.
Investors are closely watching to see if these tokens have reached their lowest points or if further drops are likely.
Celestia (TIA) Faces Bearish Pressure: What’s Next?
Celestia (TIA), the modular blockchain promised to revolutionize scalability, has been caught in a bearish spiral. Hovering near the crucial support zone at around $4.50, TIA’s price action indicated a follow-up selloff this week.
Completed a 7-day bearish streak, losing around 26% this week, TIA price dragged below the key moving averages. It conveyed intense selling pressure on the chart, an indicator as to why this cryto features among top crypto losers.
TIA Price Volume Chart | Source: Santiment
At press time, Celestia (TIA) traded at $4.56. It was accompanied by an intraday decline of over 0.89%, revealing bearish cues. This boasted a market cap of around $64139 Million and a circulating supply of 141.03 Million.
The ongoing price action showed that it has reached the make-or-break zone around $4.50, and investors are in trouble. Last week, it showed a fakeout and faced rejection from the $6 mark, leading to a bearish reversal.
The $5 mark needs to be crossed for a confirmed reversal for a significant bounce. Conversely, it has breached the $4.30 mark.
dYdX (DYDX) Reached Make Or Break Level: Breakdown Imminent?
dYdX (DYDX), a layer-2 decentralized exchange operating on a proof-of-stake blockchain, has experienced a massive decline recently. Trading in a sustained downtrend, the token exhibited a severe correction of over 60% in the last two months.
DYDX Price Volume Chart | Source: Santiment
At press time, DYDX price traded at $0.925 with a notable decline of over 2.60%. It underlined the bearish pressure. Its market cap decreased to $51.49 Million, and the token slipped to the 100th position based on the market cap.
Its technical favors the bear cartel, representing signs of a downtrend and exhibited underperformance. The daily RSI looked oversold, and the CMF indicator sailed below the zero line, observing strong selling pressure.
Recently, the token breached the crucial support zone of $1. It gave a strong conviction that it might retest the lower levels in the coming sessions.
Ordinals (ORDI) Diminished Gains: Could It Defend $25 Mark?
The largest BRC-20 token of the Ordinals ecosystem, ORDI, has been trading with a bearish bias. It has faced significant losses for the past few weeks.
Trading inside a falling channel, ORDI crypto faced the channel’s top and underwent a rejection. This led to a decline of over 20% this week.
ORDI Price Volume Chart | Source: Santiment
With this significant drop, altcoin has fallen below the key moving averages. It is poised to crack the prompt support zone of the $25 mark.
ORDI traded at $27.84, rising over 1.20% in the past 24 hours. Meanwhile, the surge comes with a 2% rise in trading volume, which means a lack of investor optimism.
The Bulls need to defend the $25 mark for a significant surge. It has to sustain above the 20-day EMA mark for a meaningful recovery ahead. The $35 mark is the prompt hurdle to crack for the next bullish leg up.
Conversely, suppose the $25 mark is breached on a closing basis. If this happens, ORDI could revisit the $20 support level in the coming sessions.
While abovementioned coins feature among the top crypto losers this week, it remains to be seen what the coming months has in store.
